October 17, 2017 / 6:07 AM / in 2 months

CARE ratings for Indian debt instruments-Oct 17

    Oct 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 16, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arfin India Ltd                       ST Bk Fac          CARE A3+       50      Assigned
Hetro Spinners Ltd                    ST Bk Fac          CARE A4        15.2    Revised from
                                                                                CARE A4+
Hypercity Retail (India) Ltd          Bk FacNon-FB -     CARE A1 (SO)#  100     -
                                      ST-BG/LC ^                         
^ Backed by unconditional and irrevocable corporate guarantees of SSL.           
Kirloskar Electric Co. Ltd            ST Bk Fac          CARE D         1378.6  Downgraded
                                                                                from CARE A4
M G Wadhwani                          ST Bk Fac          CARE A4        40      Issuer not
                                                                                cooperating
Shoppers Stop Ltd                     ST Bk Fac          CARE A1#       215     -               
                                                                
Shoppers Stop Ltd                     CP (CP) issue*     CARE A1#       1000    -
*The CP/STD issue shall be maintained such that the outstanding CP/STD & fund based working
capital limit utilized will not exceed the lesser of sanctioned fund based limits or the Drawing
Power at any point of time.
Shreeji Woodcraft Pvt. Ltd.           ST Bk Fac          CARE A4        30      Reaffirmed
S & J Granulate Solutions Pvt Ltd     ST Bk Fac          -              -       Withdrawn
Surya Roshni Ltd                      CP                 CARE A1 (SO)## 200     Assigned
## The above rating is based on the credit enhancement in the form of unconditional and
irrevocable SBLC issued by IDBI Bank Limited.
Surya Roshni Ltd                      CP                 CARE A1+ (SO)# 3050    Assigned
#The above rating is based on the credit enhancement in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC) issued by State Bank of India, Punjab National
Bank, Canara Bank and HDFC Bank.
MEDIUM TERM RATINGS:
-------------------
Kirloskar Electric Co. Ltd            Medium-term        CARE C (FD)    190     Downgraded
                                      Instruments– Fixed                        from CARE
                                      Deposits                                  B+(FD)
LONG TERM RATINGS:
-------------------
Arfin India Ltd                       LT Bk Fac          CARE BBB       625     Assigned
Avirat Shilaj Project                 LT Bk Fac          CARE BB-       300     Assigned
Blueart Granito Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Blueart Granito Pvt Ltd               LT/ST Bk Fac       -              -       Withdrawn
Dbl Sitamau Suwasara Tollways Ltd     LT Bk Fac          CARE A-        419.7   Reaffirmed
(reduced from Rs.45.91 crore)
Gopalpur Port Ltd                     Fund Based Bk Fac- CARE AA (SO)   14000   Final Rating
                                      LT TL
Gopalpur Port Ltd                     Non Fund Based Bk  CARE AA (SO)   500     Final Rating
                                      Fac – BG
Gopalpur Port Ltd                     Fund Based – CC    CARE AA (SO)   250     Final Rating
                                      Limits
Gopalpur Port Ltd                     LER* Limit - LT    CARE AA (SO)   250     Final Rating
                                      (Derivative)
                                      Facility
*Loan Equivalent Risk.
Gulam Mustafa Enterprises Pvt Ltd     NCD                -              -       Withdrawn
Hetro Spinners Ltd                    LT Bk Fac          CARE BB-       251.9   Reaffirmed
Hypercity Retail (India) Ltd          Bk FacFB - LT-TL ^ CARE A (SO)#   3518.3  - 
^ Backed by unconditional and irrevocable corporate guarantees of SSL.
Hypercity Retail (India) Ltd          Bk FacFB - LT/     CARE A (SO)#   400     -
                                      ST-CC ^            /CARE A1 (SO)          
^ Backed by unconditional and irrevocable corporate guarantees of SSL.    
Hypercity Retail (India) Ltd          Bk Fac-FB-LTTL$    CARE BBB+ (SO)#82.5    -
$Backed by letter of comfort of Shoppers Stop Ltd. (SSL)    
Hypercity Retail (India) Ltd          Bk FacFB-LT/ST $   CARE BBB+ (SO)#200     -
                                                         /CARE A2 (SO)          
$Backed by letter of comfort of Shoppers Stop Ltd. (SSL)    
Indsur Global Ltd                     LT Bk Fac          CARE BB+       230.6   Revised from
                                                                                CARE BBB-
Indsur Global Ltd                     Long/ST Bk Fac     CARE BB+ /CARE 235     Revised from
                                                         A4                     CARE BBB-
                                                                                /CARE A3
Kirloskar Electric Co. Ltd            LT Bk FacTL        CARE C         271.5   Downgraded
                                                                                from CARE B+
Kirloskar Electric Co. Ltd            LT Bk FacCC        CARE D         858     Downgraded
                                                                                from CARE B+
M G Wadhwani                          LT Bk Fac          CARE B+        25      Issuer not
                                                                                cooperating
Morgan Credits Pvt. Ltd. (Mcpl)       Proposed NCD issue ProvCARE AA    500     Assigned
Regal Emporia Infratech Pvt Ltd       LT Bk Fac          CARE BB (SO)   250     Assigned
S & J Granulate Solutions Pvt Ltd     LT Bk Fac          -              -       Withdrawn
Shailja Prints Pvt Ltd                LT Bk Fac          CARE BB-       130     Revised from
                                                                                CARE B+
Shoppers Stop Ltd                     LT Bk Fac          CARE A #       7426.7  -
Shoppers Stop Ltd                     NCD issue          CARE A #       1000    -
Shreeji Woodcraft Pvt. Ltd.           LT TL              -              -       withdrawn#
#The rating assigned to the term loan has been withdrawn as the facility has been fully repaid
Shreeji Woodcraft Pvt. Ltd.           LT Bk Fac          CARE BB+       90      Revised from
                                                                                CARE BB
Sukhjit Mega Food Park & Infra Ltd    LT Bk Fac (TL)     CARE A+ (SO)   400     Assigned
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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